TORONTO Aug 27 (Reuters) - Goldcorp Inc and Teck
Resources Ltd will form a joint venture to develop
neighboring mines in Chile to cut costs as metal prices languish
at multiyear lows, the Canadian miners said on Thursday.

Under the development plan, a conveyor will transport ore
from El Morro to a single line mill at Relincho. The two
projects are about 40 kilometers (25 miles) apart, in the Huasco
Province in Chile.

Mining executives have spoken for years about the benefits
of teaming up on projects, but weak metal prices and soaring
development costs in recent years have made joint ventures even
more attractive.

Goldcorp Chief Executive Officer Chuck Jeannes told Reuters
last year that developing El Morro and Relincho with Teck was
"the kind of thing one might want to look at."

With a single desalination plant, port, transmission line
and concentrator, the joint venture will reduce infrastructure
requirements, the companies said in a statement. The two mines
will also use a common tailings facility at the Relincho site.